Senate Democrats Hear Predatory Lending Horror Stories
20% of, or 28,000, sub-prime mortgage loans originated in 2005, are headed for foreclosure, Senator Ruth Hassell-Thompson (D-Bronx/Westchester)), and Assemblyman Carl Heastie lead the fifth of several state-wide hearings on predatory lending practices in New York. Previous hearings were held in Brooklyn, Yonkers, Long Island, and Staten Island with futures ones scheduled for cities upstate.
Over the course of the day, the Senators and their colleagues heard testimony from a variety of witnesses representing; the banking industry, Westchester Residential Opportunities, the real estate industry, Neighhorhood Housing Services (North Bronx), Neighborhood Initiative Development Corporation (NIDC), among others.
fifth highest sub-prime foreclosure rate in the nation.
Today’s hearings will help determine future legislation, which will be crafted in the 2008 legislative session.